Millionaire Challenge

Tinman

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GettingItRight

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COOLTRIKERCHICK

peainapod wrote: »

Is this right ? They don't take into consideration your personal income ? Just the income from the property ?
Also what about if you have bad credit rating ? Would that matter or would they still think we'll they're getting x amount from the property so they can afford to pay us back ? Anybody know any good mortgage companies for buy to let homes ???

yes that is right, they only take into the consideration the rental return, it has to be 125% more than the mortgage payments, plus the valuation of the property must be the what you are offering or above.

I should imagine they still do the credit rating etc,

Colincbayley

COOLTRIKERCHICK wrote: »

yes that is right, they only take into the consideration the rental return, it has to be 125% more than the mortgage payments, plus the valuation of the property must be the what you are offering or above.

I should imagine they still do the credit rating etc,

Not quite so. Most (not all) lenders will still require you to have a min income in the region of £25K p.a

Also, with the 125% rental coverage, in the last year or so this has now changed to be based on a notional rate, which is normally quite a bit higer than the rate the bank charges you on the loan.

Still do-able, and a good mortgage advisor is worth their weight in gold.

COOLTRIKERCHICK

Colincbayley wrote: »

Not quite so. Most (not all) lenders will still require you to have a min income in the region of £25K p.a

Also, with the 125% rental coverage, in the last year or so this has now changed to be based on a notional rate, which is normally quite a bit higer than the rate the bank charges you on the loan.

Still do-able, and a good mortgage advisor is worth their weight in gold.

that is correct most lenders would want you to be earning between 25 - 35k to consider you for a B.T.L. mortgage.

but the nationwide. ( the mortgage works) will mortgages based on the income generated from the B.T.L. property, and not your wages/income.

http://www.tmwdirect.co.uk/content/home/ ( you could give them a ring to confirm what i have posted)

I have had this confirmed by an Independant Mortgage adviser.

The mortgage works critia is that the house must have a min valuation of 50k, so the min mortgage give is 35k

If someone is thinking about starting a property portfoilo, or like me just want to make my money work, and look to the future, as we have no pensions etc...( and lets face it there might not be any state pensions in the future) then talk to a mortgage adviser even if you are not quite ready to take the plunge, then at least you have some food for thought for hte future.

Ideally i would love to have my dream property of a smallholding... but as i have said in an earlier post.. i got to be realistic, and also start looking at how we are going to afford to live in later years...

rictus123

Well im still chasing the dream, step by step! Today has been my least productive day in a long time! Very miserable day outside and im going out tonight so just relaxing...at least its been a no spend day so far....

Just got a few things to sort in the next few weeks and nothing will be in my way as i get started for my first few goals.

Time is out in just 3 short weeks at work so 15 work days and im onto the big bucks ££££

slkh

Well not much to update really but want the thread to keep going... Awaiting my first wage from my new second job which will be going straight into my ISA. Still on track for 20k by end of next May and remaining careful on the spending front! Can't believe how much I save by doing a meal plan and shopping list each week rather than just going to the supermarket and buying what ever takes my fancy, also keeping a close eye out for reduced/short dated items, so big saving's made there! I am continuing with my plan of buying property to let which i'm continuously updating and adding too with idea's. Also continuing with re-reading through 'Think and grow rich' and considering reading some of the other book's mentioned in the previous post's as they sound very interesting! Hope everyone else is still on track and enjoying getting there

COOLTRIKERCHICK

yep meal planning and taking FULL advantage of promotions.

we bought 6 packs of the pork loin chops ( 4 in a pack) for £1.49. works out at 35p a chop:D

we just had a pork chop dinner yum yum yum..

will have grilled pork chop with boiled new potatoes and salad tomorrow for tea..

lessonlearned

Hi Everyone

Still reading this thread and enjoying it. Picking up little snippets and nuggets of gold (information) here and there.

A book I read recently called "The Rules of Wealth" by Richard Templar talks about getting yourself a money mentor - someone who is successful - preferably self made - who can take you under their wing and advise you. (Note not lend you money).

I think he's right I'm always happy to pick someones brains.:) - especially if they have succeeded in an area in which I want to do well.

Anyway I think that, on the whole, this thread does just that - we act as mentors and advisers to each other. Or as Jacka puts it - "Masterminds".

Anyway - why the "Never Give Up" at the top. Well that's one of my mantras - it keeps me going when sometimes I feel like throwing in the towel.

As you know my OH is very ill and I've been caring for him for 6 years now. I finally admitted that I needed some help about last September and now, at long last, we are just putting the final tweaks to a decent care package. At long last I've also been able to arrange respite care for him to give me a break and some breathing space.

It's only taken nine long months of battling, cajoling, pleading and negotiating with Social Services - always polite of course but gradually getting firmer and firmer with them and more insistent that they pull their fingers out and deliver.

OH goes into respite next weekend for one week so I will have a few days rest and recharge my batteries - whilst all the time making plans and preparations.

Hopefully the actual care package will kick in when he gets home and I can then concentrate on getting some extra income coming in.

Well done on the economising Slkh - keeping hold of your money is just as important as earning it - probably more so. I've slashed my spending too.

I've just picked up a second freezer, half price because it was dented (it's only for the garage so doesn't matter what it looks like). This will enable me to reduce my food spend even more, bargains, batch cooking, garden produce etc - saving time and money. More money to invest and more time to earn/make more. :rotfl:

Bye for now.

tinktay84

hey guys Well this week i feel like ive taken 10 steps back but it is a temporary thing. I have had to use 400 savings and 300 borrowed to cover bills BUT I am awaiting the same amount to clear in my bank so im back to square 1. Im still busy on the work front and am being more realistic with my quotes so i actually earn money.

I parked my van on the main rd near us (its the main route to reebok stadium - BWFC) and left 10 business cards pushed into the rubber seal of the window (without damaging obv!) 4 hrs later I got back to find 9 business cards and after checking my website today ive had 14 people in my local area view yesterday.

Im still going with my low risk bets and have turned my £10 into £15 as it gets higher I obviously make a bit more so im looking forward to getting to £50 or £100.....I am making sure I dont take silly chances though


lessonlearned: that is great news on the respite, i know how hard it is to be a carer - and for me it wasnt full time live in caring for my partner so I cant imagine how draining it must be (no disrespect at all meant) even if it just gives you breathing space it will make you feel a lot better prepared to face the world